4 1 min 9 yrs

….the austerity was for nothing, it seems!

Ireland, seen as the eurozone’s “poster child” for implementing austerity, could require a second bailout, economists warned. As households struggle to pay their mortgages, the country’s rescued banks may need €4bn (£3.2bn) more to cover losses on loans than was assumed in stress tests last year, said analysts at Deutsche Bank. That would hit the finances of the Irish government, which has already pumped about €63bn into its banking sector in the last three years.

I believe that Greece may well bring Ireland down……which is sad. However the fact is that the Irish political elite have whored themselves to Brussels for so long that they will embrace any and every national humiliation on order to stay on the Euro gravy train even as it runs over the backs of the people.

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4 thoughts on “IF YOU’RE IRISH…

  1. However the fact is that the Irish political elite have whored themselves to Brussels for so long that they will embrace any and every national humiliation on order to stay on the Euro gravy train even as it runs over the backs of the people.

    Exactly right David.

    I’m hoping for a “no” vote in the referendum at the end of this month. That would really set the cat among the Euro-federalist pigeons.

  2. ” .. the country’s rescued banks may need €4bn (£3.2bn) more to cover losses on loans than was assumed in stress tests last year, said analysts at Deutsche Bank.”

    Meaning, the bondholders lost more than thought and they have their hands out again.

    Just a polite suggestion – unless and until these chronic debts and junk securities are liguidated, there’s no recovery. It might just be a good idea to let markets and prices work for a change instead of fighting them.

  3. Another bailout would most certainly open the door for Sinn Fein and the lefty fringe….disaster!

  4. We are already in disaster Charles. An alternative to simpering pro-euroism of the establishment parties will be necessary and SF look to be the only party interested in offering it. When the euro falls an entire generation of politicians credibility will go with t.

    In the ultimate irony the role of Sinn Fein may be to lead us back into the Sterling area.

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